Make Your Small Business Grow
Phase 1 of entrepreneurship can be defined as complete infancy stretching to the time after you hire your first and second employee.
Phase 2 of entrepreneurship means that you now have a multitude of employees, a professional office, real growth. Simply stated, Phase2 requires you are transitioning to a business owner rather than a worker.
For entrepreneurs who passed Phase1, Phase2 seems worrisome. There is an overwhelming pressure to perform. Things seem different. The environment is different. You have less time. You have more stress.
Then you put your finger on the exact reason as to why you have stress and uncertainty. You realize that you are going into the unknown again. The feeling is no different than when you registered the website domain.
So, you prepare to walk through the mud to kill these feelings. You love entrepreneurship and you conjure up that drive. It takes a lot of digging, but building a business it is instinctive in you.
Work and creativity is really the only medicine that you have. You must find somebody who can effectively take over some of the daily management and operations duties that you now must leave behind. No real entrepreneur begins to grow, then goes to Hawaii for a month.
Upon looking for this individual, you must remember that your battle is to seek a new process as there are employees now and the workflow has to be organized. Organization is key.
The more you have a set process in place, the more happy clients you can handle and the easier it is on everybody in the office.
Getting Another "You" With A Different Personality
Today, I was lucky enough to bring on an old boss who has had several 8figure real estate ventures. He, like me, is an entrepreneur. To prepare for Phase2, every entrepreneur should seek a leader, manager and entrepreneur. If the person is not an entrepreneur, he or she is not going to want to work with you because you can't pay them a huge salary.
All you can offer is equity. Even once you bring this individual on, prior to them being in the office, more stress kicks in as you know that a few things need to happen.
You must pick the right people to take over the tasks that you wish to leave aside because you must focus on your true strengths. Otherwise, you will be back at Phase0 quite quickly. Backtracking in entrepreneurship is not an option. Phase1 is sustainable, but only until you burn out.
You've spent time molding your employees into future leaders who like their job, now you must sit on the sideline and let things fall into place.
Picking and choosing what jobs to do are not always easy for the entrepreneur. Though, if you want to succeed at Phase2, you must determine what you need others to accomplish while you do your job.
You need to begin to have somebody continually look at the finances and set prices, manage some of the employees and to stop the butterflies in your stomach as this is somewhere you're never been before.
Questions and Answers
Management for small businesses calls for proper training. With this realization in mind, there are many business management schools and colleges that have been set up all around the United States. A close analysis in the entrepreneurship world shows that majority of the ventures in the market are small and medium sized enterprises.
There's nothing small about starting and running a small business. It's a commitment that can easily consume all of one's energy, resources, attention and capacity. Maureen Tinen, president of UCEDC, s a non-profit economic development corporation, offers some tips to help you succeed.
No matter how well a small business is doing, it is vitally important to be prepared for crises, which can happen at any moment. Instead of waiting for a crisis to occur and then trying to find a way to handle it, a small business owner should go ahead and be prepared for the possibility of catastrophe so that a plan of action can be implemented immediately.
An article considering whether 10 000 hours is required for small business success.
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